Le présent article analyse l’efficience du marché des changes. L’article reconsidère la définition originelle de l’efficience au sens de Fama (1965) en mettant en lumière les différentes contradictions internes de cette définition. Partant de là, trois définitions de...

In this paper, we expose the economic conditions of cities emergence in a spatial general equilibrium framework. The presence of increasing returns based on the division of labour, transport costs and the possible existence of an agricultural surplus are enough to generate different possible...

This conceptual paper introduces various models to describe and pilot complexity across organizations, through a compared study on three objects: the town, the IS and the firm. We suggest three organizational models which follow each other in the time: the feudal model, the functionalist model,...

Access to modern energy is believed to be a prerequisite for sustainable development, poverty alleviation and the achievement of the Millennium Development Goals. However, theoretical models and empirical results offer conflicting evidence on the relationship between energy consumption and...

Since 2004, the Government of Senegal has adopted an accelerated growth program in the aim o reducing poverty by half before 2015 (Millennium Development Goal). This article criticizes thi program by analysing his pro-poor components. It shows that policies are too much oriented toward sectors...

Many countries simultaneously suffer from high rates of inflation, low growth rates of per capita income and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation and...